Pennsylvania House Republicans Hail Bipartisan Vote to Cut Corporate Tax

Pennsylvania Republican lawmakers voiced optimism last week that the commonwealth’s onerous Corporate Net Income Tax (CNIT) might finally soon get reduced, given a recent overwhelming state House vote to do so.

At 9.99 percent, the Keystone State’s CNIT is the second highest in the U.S. A bill by Rep. Joshua Kail (R-Monaca) would reduce the rate to 8.99 percent. His legislation passed the House of Representatives 195-8.

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Legislation Aims to Smooth Out Complexity of Pennsylvania Tax System

An Allegheny County legislator indicated last week that he is preparing to offer legislation to iron out complexities in Pennsylvania’s tax system. 

State Rep. Robert Mercuri (R-Wexford) has underscored the current lack of conformity between Pennsylvania’s tax rules and those of the federal government. The chief concern the lawmaker said his upcoming bill would address is reforming the Keystone State’s legal treatment of depreciation of corporations’ assets and of property transferred or sold during a taxable year. 

“It is essential that we take steps now to make it simple and advantageous to do business within the Commonwealth, positioning our communities for investment and growth as we continue to recover from the economic uncertainty that has arisen as a result of COVID-19 policies,” Mercuri wrote in a memorandum to fellow House members.

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